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Credit treaty signed between The World Bank and government of Azerbaijan

04 June 2005 [10:03] - TODAY.AZ
Credit treaty on the implementation of the project “Assistance to economic development of internally displaced people” signed between World Bank (WB) and government of Azerbaijan in the Cabinet yesterday.
According to the information given to APA from the WB representation in Baku, the treaty was signed by WB director on the South Caucasus Donna- Dowsett Coirolo who is on a visit to Azerbaijan from WB side and deputy Prime Minister, head of State Committee on Refuges and Internally Displaced People Ali Hasanov from the side of Azerbaijan government. WB will allocate $11.5 million credit for the implementation of the project to end in 2008.10.5 million dollars of this credit will be spent on improving social condition and infrastructure in the territories of the country where the internally displaced people are densely populated ,0.5 million dollars to giving micro-credits for improving the economical opportunities of these people. Around 200 micro-projects are estimated to be implemented with respect to it. The rest 0.5 million dollars will be spent on the administrative expenses in connection with the implementation of the project. The World Bank allocates this credit for 35 years period being without payment for 10 years with 0.75% in the frame of this project.

It must be reminded that, the WB allocated $20 million to the project “Restoration of the liberated territories” related to the internally displaced people ,and credit in the volume of $10 million to Social Development Foundation of Internally Displaced People later on in the frame of the project. The main goal is assisting the internally displaced people as the result of the Upper Garabagh conflict for settling down and improving their live condition.

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